BNK profits bolstered by multichannel lending growth

An increase in settlements via both its direct and third-party businesses has contributed to a 47 per cent increase in the group’s earnings.

BNK Banking Corp has published its full-year results for the 2020 financial year (FY20), posting a statutory net profit after tax of $5.3 million, up 47 per cent on FY19.

The result was driven by net income growth of 17 per cent to $35.5 million, off the back of strong lending and deposit growth.

Loan settlements via the group’s mortgage aggregation business Finsure increased 23 per cent, from $12.6 billion to $15.6 billion, while on-balance sheet settlements via BNK Bank increased 73 per cent, from $74.5 million to $129.1 million.

As a result, the group’s combined loan book grew 18 per cent, from $40.6 billion to $$41.8 billion.

Meanwhile, bank deposits grew 20.5 per cent, from $287.1 million in FY19 to $345.8 million.

Reflecting on the result, BNK’s interim CEO Don Koch said he was pleased with the result, given the impact of COVID-19.

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Source: BNK profits bolstered by multichannel lending growth – Mortgage Business